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Social Aid/Resources
Social Aid/Resources 'Student Loan Debt Resources' There are several instances where Student loans can be forgiven, cancelled or discharged – meaning it is no longer expected to be repaid. https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation 'Mortgage Debt Resources' The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt is reduced through mortgage restructuring. Mortgage debt can also be forgiven in connection with a foreclosure. This act has been extended to 2017. 'Disaster Relief Resources' FEMA - Federal Emergency Management Agency https://www.fema.gov/disaster-process-disaster-aid-programs 'Medical Debt Resources' Affordable Care Act '''The Patient Protection and Affordable Care Act (PPACA) 2010 HR3590, or Affordable Care Act (ACA) for short, is the new health care reform law in America. After you fill out an application with the Health Insurance Marketplace and provide household and income information, you’ll find out if you qualify for a premium tax credit that lowers your monthly health insurance bill. You’ll also find out if, in addition, your income qualifies you for “cost-sharing reductions.” If it does, you can save money a second way: By paying less out of your own pocket each time you get medical services. This can really reduce your total health care costs for the year. '''How out-of-pocket savings work '''If you qualify for savings on out-of-pocket costs and enroll in Silver plan: · '''You’ll have a lower deductible. This means the insurance plan starts to pay its share of your medical costs sooner. For example, if a particular Silver plan has a $750 deductible, you have to pay the first $750 of medical care yourself before the insurance company pays anything (other than free preventive services). But if you qualify for cost-sharing reductions your deductible for a Silver plan could be $300 or $500, depending on your income. · You’ll have lower copayments or coinsurance. These are the payments you make each time you get care – like $30 for a doctor visit. If a Silver plan’s copayment is $30 for a doctor’s visit, if you enroll in the plan and qualify for cost-sharing reductions you may pay $20 or $15 instead. · You’ll have a lower “out-of-pocket maximum.” This means the total amount you’d have to pay in a year if you used a lot of care, like if you got seriously sick or had an accident, will be lower. Instead of $5,000, your out-of-pocket maximum for a particular Silver plan, if you qualify for cost-sharing reductions, could be $3,000 Out-of-pocket maximum/limit '''The most you’ll have to pay for covered services in a policy period (usually one year). After you reach this amount, your health plan will pay 100% for covered essential health benefits. It includes the yearly deductible and may also include any cost sharing you have after the deductible. It doesn’t have to count premiums, balance billing amounts for non-network providers and other out-of-network cost-sharing, or spending for non-essential health benefits. The maximum out-of-pocket limit for any individual Marketplace plan for 2016 is $6,850 for an individual plan and $13,700 for a family plan. '''Several other types of aid are available for those who need it, as seen below: 'Medical bill assistance' is offered from state programs, pharmaceutical companies, local health clinics, and other businesses. Many organizations provide consumers help with medical bills and prescription drugs. Also, many states have laws that protect consumers from aggressive or illegal medical debt collectors and collection practices. The laws and regulations also ensure people are charged fair prices for health care services and that they are not overcharged. Read more on your rights for dealing with medical debt collectors or questionable billing practices. Prescription drug assistance programs are offered by many states, companies and organizations. They can help people across the country receive free, or heavily discounted, prescription medications. Patents, including the underinsured, can often receive a voucher or a discount card. Find free prescription drugs. Community clinics operate across the country. Every state has health care centers and sliding fees community clinics that offer free or low cost medical and dental care to patients, regardless of their ability to pay. Get more information on these government supported community clinics. Dental care from clinics. Many individuals do not have access to quality, affordable dental care. Private insurance plans may not provide the coverage that people need. Find a listing of dental clinics in your town and county. Many accept government and public health insurance, as well as private plans. Free government health care programs are administered by the Health Resources and Services Administration (HRSA). The government agency provides free or low cost medical care, even to the under and uninsured. Checkups, treatment, prescriptions, and other services are available. 'Credit Card Debt Resources' Debt Relief Services Credit Counseling Reputable credit counseling services can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops. Counselors discuss your entire financial situation with you, and help you develop a personalized plan to solve your money problems. Debt Management Plans If your financial problems stem from too much debt or your inability to repay your debts, a credit counseling agency may recommend that you enroll in a debt management plan (DMP). A DMP alone is not credit counseling, and DMPs are not for everyone. Dany additional credit while you’re participating in the plan. Debt Settlement Programs Debt settlement programs typically are offered by for-profit companies, and involve them negotiating with your creditors to allow you to pay a “settlement” to resolve your debt — a lump sum that is less than the full amount that you owe. To make that lump sum payment, the program asks that you set aside a specific amount of money every month in savings. Debt settlement companies usually ask that you transfer this amount every month into an escrow-like account to accumulate enough savings to pay off any settlement that is eventually reached. Further, these programs often encourage or instruct their clients to stop making any monthly payments to their creditors. Debt Consolidation You may be able to lower your cost of credit by consolidating your debt through a second mortgage or a home equity line of credit . But these loans require you to put up your home as collateral. If you can’t make the payments — or if your payments are late — you could lose your home.What’s more, consolidation loans have costs. In addition to interest, you may have to pay "points," with one point equal to one percent of the amount you borrow. Still, these loans may provide certain tax advantages that are not available with other kinds of credit.